Despite sales rising nearly eight per cent, the 12-month average residential price for 2013 was $349,000, he said.

“That is a very modest three-per-cent increase over the 2012 price of $339,000. Median prices increased to $331,000 from $323,000 — only a 2.5-per-cent lift, indicating there was increased activity in the mid-market price point for this year.”

Steele said a shortage of lower-priced homes all year has pushed first-time and value-conscious buyers toward condos. The percentage of single-family detached homes dropped to 61.5 per cent of total sales from 64 per cent. Condo sales increased to 30 per cent of sales, from 28.

The inventory of homes at the end of December was 3,049, the lowest level in five years.

Another highlight of 2013 was increased activity in the luxury market.

“There’s more confidence in the market,” Steele said.

There were 115 MLS sales in the million-dollar-plus price range, up 29 per cent from the previous year.

The highest-priced single-family home sold in the Edmonton region brought in $3.4 million. The highest-priced condo sold for $1.6 million.

Generally, high-end properties sold 8.7 per cent under the list price, but 14 sold over-list and at list price, suggesting competition among buyers.

Two vacant lots located in Donsdale and the Hamptons sold for $2.5 million and $1.45 million.

In 2012, there were 89 million-plus properties sold, with the top house going for $2.7 million and the highest-priced condo fetching $1.45 million.

In Calgary, there were 732 million-plus homes sold in 2013, up from 548 in 2012.

The Realtors association will release its annual forecast for the local resale housing market on Wednesday.

Last year, the group forecast the year-long average selling price of a single-detached home would be $390,000 in 2013. The actual unadjusted year-long sales price was $409,824.

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